CONSOL Energy Proved Gas Reserves Increase to 3.7 Tcf

CONSOL Energy Inc. CNX has proved gas reserves of 3.7 trillion cubic feet (Tcf) as of December 31, 2010. This is an increase of 1.8 Tcf, or 95%, from the 1.9 Tcf reported at year-end 2009. The proved developed reserves increased by 86% and the proved undeveloped reserves increased 107%. Of the 3.7 Tcf of proved reserves, 52%, are categorized as proved developed and 48% are classified as proved undeveloped. CONSOL Energy invested $255.7 million in drilling capital in 2010. This yielded extensions and discoveries of 621.3 Bcf, resulting in a drill bit finding cost of $0.41 per Mcfe. The net impacts of revisions, which include pricing and production, yielded another 380.0 Bcf. The 621.3 Bcfe from extensions and discoveries, when divided by 2010 production of 127.9 Bcf, means that the company replaced 486% of its 2010 production through the drill bit.